KSE Limited (KSE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+615.0%

₹1,258.43

vs ₹176.00 price

Levered DCF

₹959.51

After debt service

Piotroski score

—

Altman Z-score

—

Rating

—

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.71×	6.92×	30.13×	-219.09×	103.19×	6.54×	18.63×	49.85×
P/B	1.61×	2.13×	2.36×	2.44×	3.04×	3.04×	2.48×	3.62×
P/S	0.34×	0.38×	0.32×	0.32×	0.41×	0.48×	0.25×	0.39×
EV / EBITDA	5.13×	4.62×	17.01×	151.99×	47.75×	5.03×	11.97×	25.91×
Gross margin	12.4%	13.4%	8.5%	6.6%	7.7%	15.6%	8.6%	8.7%
Operating margin	6.0%	6.9%	1.7%	-0.4%	0.6%	8.9%	1.7%	0.8%
Net margin	5.0%	5.5%	1.0%	-0.1%	0.4%	7.3%	1.3%	0.8%
Current ratio	8.42×	7.04×	5.63×	5.29×	5.21×	3.77×	4.21×	2.81×
Debt / equity	0.07×	0.08×	0.09×	0.09×	0.09×	0.17×	0.1×	0.33×
Interest coverage	39.13×	47.19×	10.01×	-2.73×	4.7×	81.37×	14.52×	7.29×
Dividend yield	5.6%	3.0%	1.2%	1.3%	4.0%	1.5%	1.7%	4.9%
Payout ratio	37.5%	20.6%	37.1%	-277.6%	412.1%	9.9%	31.7%	243.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.0%	30.8%	7.8%	-1.1%	2.9%	46.5%	13.3%	7.3%
Return on invested capital	19.6%	26.4%	8.3%	-2.0%	2.7%	36.5%	11.4%	5.8%
Return on assets	20.3%	25.6%	6.3%	-0.9%	2.3%	33.7%	10.0%	4.8%
Free cash flow yield	7.8%	19.9%	-4.4%	4.0%	-2.0%	4.1%	9.3%	-3.2%
Earnings yield	14.9%	14.5%	3.3%	-0.5%	1.0%	15.3%	5.4%	2.0%
Enterprise value	₹5.6B	₹6B	₹5.4B	₹5.3B	₹6.8B	₹7.7B	₹3.7B	₹5B
Net debt / EBITDA	-0.03×	-0.21×	0.33×	2.88×	0.31×	0.22×	0.47×	1.62×
Cash conversion cycle (days)	34	27	35	26	34	42	21	27